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LONDON, June 16 (Reuters) - Average daily volumes in the foreign exchange market inched up in May from a month earlier, although the value of trades stayed below the $5 trillion mark for a second straight month, data from FX settlement system CLS showed.
The total daily volume of instructions submitted to CLS, combining settlement and aggregation services, was at 977,460 in May, slightly lower from 983,850 in April 2014.
The average daily value of transactions rose 0.6 percent to $4.82 trillion in May from $4.79 trillion a month ago but well below the $5.29 trillion amount clocked in January.
The monthly rise mirrored a blip higher in daily volumes on the EBS platform in May, where volumes in the ICAP-owned platform rose to $73.5 billion.
Daily average volumes on the rival Thomson Reuters Dealing, Matching and Reuters Trading fell by $3 billion to $87 billion in May, from a month earlier. (Reporting by Anirban Nag; Editing by Catherine Evans)